The American Institute of Certified Public Accountants no longer retains the right to set audit standards for public companies as the Securities Exchange Commission has relinquished such power.

Question

Quizplus · Accepted Answer

The statement is incorrect. The American Institute of Certified Public Accountants still retains the right to set audit standards for public companies, but they must be approved by the Securities Exchange Commission.

The American Institute of Certified Public Accountants No Longer Retains